Thailand’s economy shrank less than expected in the first quarter, data from the National Economic and Social Development Council showed Monday.
Gross domestic product decreased by 1.8 percent year-on-year, following a rise of 1.5 percent in fourth quarter of 2019. Economists had forecast an annual fall of 4 percent.
On a quarterly basis, the economy shrank 2.2 percent after easing 0.2 percent in the fourth quarter.
On the expenditure side, private final consumption expenditure grew 3.0 percent, while government expenditure fell 2.7 percent and gross fixed capital formation declined 6.5 percent.
Exports and imports of goods and services contracted 6.7 percent and 2.5 percent, respectively.